The lending mantra of ability, stability, and willingness to pay for a consumer to qualify for a credit product can be tossed out the door when it comes to collecting past-due payments during financial hardships. This report will provide insight as to which consumers are struggling to pay, identify payment preferences, and outline progressive collection strategies that will make the consumer want to pay back the loan before paying other debts.
Key questions discussed in this report:
- What are the benefits of improving the delinquency recovery process?
- What are the demographics and financial habits of delinquent consumers?
- What solutions and services can be offered to improve delinquency rates?
The data in this report was primarily collected from a survey of 506 cybersecurity leaders conducted in May 2020.